The Philadelphia Eagles and Dallas Cowboys are longtime fierce rivals in the National Football League’s NFC East, but the two markets have a common link in one of commercial real estate’s latest multifamily financings.
Ares Real Estate has inked a $107.5 million loan to refinance an apartment portfolio in the Dallas-Fort Worth and Philadelphia areas that together include nearly 600 units, Commercial Observer can first report.
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Sumitomo Mitsui Banking Corporation (SMBC) provided the loan for Ares’ Axis 110 property in Richardson, Texas, and for Skye 750 in King of Prussia, Pa.
CBRE arranged the transaction with a global institutional debt advisory group consisting of Tom Traynor, Tom Rugg, Peter Griesinger, Arman Samouk and Kayla Kaloostian.
The 2017-built Axis 110 at 110 W CityLine Drive in Richardson has 351 apartments next to the Dallas Area Rapid Transit CityLine Station. Resident amenities include a swimming pool, a skyline terrace, a fitness center and 8,110 square feet of ground-floor retail.
Skye 750, at 750 Moore Road 20 miles northwest from Philadelphia, was completed in 2019 with 248 units. Its amenities include a swimming pool, a fire pit, a dog park, coworking space, a health club and a sauna.
SMBC did not immediately return a request for comment. Ares declined to comment
Andrew Coen can be reached at acoen@commercialobserver.com.